Stock-quotation system



MalCh 30, H, Q ROB|N5QN ET AL 2,075,228

STOCK QUOTATION SYSTEM originai Fued July 1o, 1951 16 sheds-sheet 1 Pf/cf-//T' KEYS 5L Z 3 4 .5' 6 7 6 9 a lfa! 57am-RANGE KEYS.

L0' A Hl- HWS /frff/ March 30, 1937. H. c. ROBINSON ET AL STOCK QUOTATION SYSTEM Original Filed July lO, 1931 16 Sheets-Sheet 2 March 30, 1937. H. c. ROBINSON ET Al. 2,075,228

STOCK QUOTATION SYSTEM Original Filed July l0, 1931 16 Sheets-Sheet 3 www March 30, 1937. H. c, ROBINSON ET Al. 2,075,228

STOCK QUOTATION SYSTEM Original Filed July 10, 1931 16 Sheets-Sheet 4 Arrrj March 30, 1937. H, C, R0B|N5ON ET AL 2,075,228

STOCK QUOTATION SYSTEM 0rigina1 Filed July 10, 1931 16 Shets-Sheet 5 -March 30, 1937. H. c. ROBINSON ET AL STOCK QUOTATION SYSTEM 16 Sheets-Sheet 6 Original Filed July lO, 1931 Malch 30, 1937- H. c. ROBINSON ET AL STOCK QUOTATION SYSTEM 16 Sheets-Sheet 7 Original Filed July 10, 1931 March 30, 1937. H. c. ROBINSON ET AL 2,075,228

STOCK QUOTATION SYSTEM Original Filed July lO, 1931 16 Sheets-Sheet 8 March 30, 1937. C, ROB|N5ON ET AL 2,075,228

STOCK QUOTATION SYSTEM -original Filed July lo, 1951 le sheets-sheet 9 -March 30, 1937. H. c. ROBINSON ET AL 2,075,228

STOCK QUOTATION SYSTEM v Original Filed July lO, 1951 16 Sheets-Sheet 10 Original Filed July 10, 1931 16 Sheets-Sheet 1l KNm daf/N Z Biz Ahr March 30, 1937. H. c. ROBINSON ET AL 2,075,228

STOCK QUOTATION SYSTEM Original Filed July lO, 1931 16 Sheets-Sheet 12 rrr,

. n J @NN E am March 30, H, Q ROB|NSON ET A| 2,075,228

STOCK QUOTATION SYSTEM original Filed July 1o, 1931 1e shets-Sheet 13 March 30, 1937. H. c. ROBINSON ET Al.

STOCK QUOTAT ION SYSTEM Original Filed July lO, 1951 16 Sheets-Sheet 14 .www

NUKNWW@ h March 30, 1937- H. c. ROBINSON ET AL STOCK QUOTATION SYSTEM @www March 30, 1937- H. c:v ROB|NSON ET AL.

STOCK QUOTATION SYSTEM Original Filed July lO, 1931 16 Sheets-Sheet 16 rrr" Patented Mar. 30, 1937 L UNITED STATES' PATENT OFFICE amy, Brookeld, Ill.,

assignors, by mesne assignments, to Associated Electric Laboratories, Inc., Chicago, Ill., a corporation oi Delaware Original application' July 10, 1931, Serial No. 549,969. Divided and this application October 5, 1932, Serial No. 636,320

23 lClaims.

l l'Ihe present invention relates to stock-quotation systems, but is concerned more particularly with systems of this kind wherein a central-station transmitter comprising a register sender is 5 employed to transmit stock quotations to a plurality of receivers, each receiver having associated therewith groups of indicating devices to indicate the received stock quotation.

This application is a division of our applical tion Serial No. 549,969, filed July 10, 1931. In the parent application, the main object, broadly stated, is the production of a new and improved transmitting and receiving system for transmitting information regarding the selling price of stocks and similar commodities, so that such prices may be received and set up on indicators at a plurality of places.

This divisional application covers the novel features of the new and improved receiver, one of which is used at the oiiice of each-subscriber.

The system disclosed may be considered an improvement on the systems disclosed in the following applications:

Bellamy et al, Serial No. 378,208, led July 15, 1929; Bellamy, Serial No. 413,205, led Dec. 11, 1929; Nelson et al, Serial No. 445,746, filed Apr.

19, 1930; Robinson et al, Serial No. 462,114, led

June 18, 1930. These applications correspond to British Patents 358,889; 368,369; 376,374; and 384,671, respectively.

General description As pointed out in the prior applications, the common method employed by stock brokers is to post the stock-market prices on a blackboard so that they and their customers may readily see them. Now, in order to secure a quicker and more efiicient posting of the stock-market quotations, it is proposed in the said prior application to provide each of a plurality of stockbrokers ofiices with a mechanical indicating board, with a separate group of indicators on each board for each stock in which the broker is interested, and to furnish receiving and indicator-controlling apparatus at each receiving board, all controlled from a common transmitting station.

As pointed out in the parent application, the

present system contains the following outstanding features:

1. In order to increase the number of stock quotations to a maximum that can be sent over the transmission line,with a predetermined frequency of impulses, each of the two working transmitters at the transmitting station has been modied so that the other transmitter can start sending a new quotation immediately following the last digit of a quotation, with the same interval elapsing between quotations as elapses between successive digits of the same quotation. By this arrangement, the two transmitters operate alternately to send impulses continuously over the transmission line during the time when the stock market is most active.

2. In order to prevent a second quotation from being sent too soon from the same transmitter when the other is not in operation, counting means is provided in each transmitter to count ol the same number of impulse periods that would be taken up by the other transmitter in sending a quotation before permitting the same transmitter to start a new quotation. By this arrangement, a given transmitter sends it quotations at the same rate and with the same minimum spacing between quotations regardless of Whether the other transmitter is working or not, and the corresponding local senders in the receivers are, therefore, given time to set up each quotation on the indicators.

3. In order to permit the operator who is setting up quotations on a transmitter to operate at the highest efeiency, arrangements are made for unlocking the stock-range keys (which are locked up while a quotation is being transmitted from her transmitter, in order to prevent the operator from setting up quotations faster than they are being sent out), as soon as the last digit of a quotation has been transmitted, and'without waiting for the inter-quotation timing operation to be performed. In this way, the operator can set up the final digit of a new quotation as soon as the last digit of the previous quotation has been sent out, which arrangement permits the operator to keep farther ahead of the sending operation, and it allows the operator to take a slightly longer time in setting up more diiiicult quotations without causing the transmitter to wait while the next quotation is being set up.

4. In the present system, the number of digits or character combinations in a quotation has been reduced from ten to eight by eliminating the hundreds digit and by curtailing the pricerange digit to a small number of values and combining it with the stock-range digit in a single character combination, thereby shortening the sending time of each quotation. In line with this arrangement, the open, high, low, and last indicator groups at the receiver are equipped with tens, units, and fractions indicators only.

The previous-close group, however, is equipped also with a hundreds register, and special arrangements are provided for setting this hundreds register, as will be hereinafter described.

5. In the stock-quotation receivers, the counting relays used to transfer the impulsing conductors to the several digit registers as the successive digits of a quotation are received are automatically brought. into normal position responsive to the final digit of a quotation, so that they are immediately in readiness to receive lthe first digit 'of the followwing quotation, which as stated hereinbefore is sent immediately and with no more pause than occurs between successive digits of the same quotation.

6. In order to reduce the receiving apparatus to a minimum, a single `receiver with two sections is provided instead of two separate receivers, as heretofore, and therelay groups which register the stock-code and stock-range digits are made common to the two sections,'whil e suitable connecting relays are provided'to associate the common registers with whichever section corresponds to rthe transmitter from which a quotation is received.v

In one embodiment, separate groups of trans-g fer relays are associated with the two local senders for controlling the registration .of the price f digits, together with a connecting relay for each group to connect up such groups for operation,

depending upon which local sender is tobe operated.

In an illustrated modification, the sameset of digit-transfer relays is used for bothv groups `of price-digit registers, thereby reducingvthe number of transfer relaysfand simplifying the associated circuits, while suitable connecting relays are provided for connecting the branchregistering conductors (as controlled by the pricedigit transfer relays) to the appropriate one of the two groups of price-digit registers.

7. In order to increase the speed at which the transfer from one digit group to another is made, the conductors over which the impulses are received are connected up tothe digit registers `by contacts of the digit-counting relays themselves instead of through contacts of separate connect-r ing relays controlled.from the digit-countingrej ing relays carries contacts for connecting the group of conductors over which impulses are ceived to two branch groups alternately. permitting one branch group to be connected `up to a register in readiness for operation' while the other branch group is connected to the main group. In this way,'the connections to the digit registers are prepared in advance .to the two branch groups of conductors, and the actual transfer from one register to another is made(y by one of the impulse-distributing relays.

9. In order to reduce the number of relays' re-l quired for selecting the desired stock, circuit ar-A rangements are provided for making thehundreds relays common to both sections of 'the receiver,

while separate tens vrelaysxare provided for each section.

10. In order to provide a more reliable operating circuit for the transfer relays, contacts' are are provided on each of the impulse-receiving relays for controlling the circuit of a single slowacting holding relay, instead of the arrangement in the above-mentioned application of Robinson et al.. wherein a separate slow-acting holding relay is connected to each of the four incoming impulse conductors.

i2. A feature of the stock-quotation receiver disclosed herein is that an auxiliaryindicating board may be connected up in a different location in the broker's premises so that it will display .the same quotations as are displayed on the main indicating board, and that a so-called executives board maybe connected up to the receiver to show the current sellingprice,vor last price, only of any desired number of stocks.

i3. A feature of the stock-quotation receiver employed in the system disclosed herein is that the current is supplied by a motor generator instead of from a storage battery.L This lowers the cost of the receiver considerably. as a motor generator is lower in cost than a storage battery and a charger, and it enables the potential to be removed from the relays and other apparatus of the receivers and indicating boards. under the control of the central transmitting station. In g 'of me. business day, and is automsncsny ter-V responsive to the transmission of a regular impulse over the line, with the normal line current not replacedv following the impulse.

lOther objects and features'of the invention,

mainly incidental to those hereinbefore stated, Y

ment in a stock-quotation system embodyingthe A featuresof theinvention to enable the invention to be understood. f

Figs. 1 to 5, takentogether, shows transmitter Ti at the transmitting station;

Fig. 6 shows the repeater R, which repeats the impulses received from the transmitters TI and T! lto the lines outgoing to the stock-quotation receivers; f 1

v Figs. 7 to 13 show one ofthe receivers; lilgs. 14 to 16 show a modification of the por -tion of the receiver shownin. Figs. 7 to 9.

rI-ugs. 17 and 1s -snow one of Vthe digit indicators used ,at the quotation-indicating boards;

vFlgarli), 20, and 21 are tables showing the codes Referringv now to the drawings, comprisinglllgs, A l to 23, they show a sufiicient amount of equipemployed in transmitting stock digita' stockra'n'ge digits, and price digits, respectively. 'is a layout kdrawing showing how the sheets on which Figs. 1 to 13 drawn snouldfbe arranged in orderi'or the system to be understood best; andl ng. 2s is s isyout 4i1-swing simnsrfw 22,

showing l'igs.'14 to l'replacing Figs. 'ltop to aiseicse the modmed receiver. l

As in the prior, pending applications referred to, the system disclosed herein is arranged on the assumption that two ,operators will berequired to set up the quotations at the transmitting station. Each operator is provided with a separate transmitter. Since the stocks are identified by the letters of the alphabet (some stocks being identified by a single letter, others by means of two letters, and still others by means of three letters) the division of labor between the two operators may be conveniently made by assigning to one operator all stocks identified by the letters A to M and all stocks having the initial letter A to M, and by assigning the remaining stocks to the other operator, as is explained more fully in the prior applications referred to.

A receiver is provided in the oiice of each subscribing broker. Each receiver comprises two sections, corresponding to the'two transmitters at the transmitting station, as well as to the two stock groups, respectively. Each section of the receiver contains a separate local sender for restoring and reoperating the quotation indicators on the indicating board.

On the indicating board, indicators of the type shown in Figs. 17 and 18 are arranged in groupsl of sixteen, one group for each stock being dealt in by the broker in whose oflice the indicating board is installed. In addition to the regular or main indicating board, a broker may desire to have an auxiliary indicating board installed in a separate room of his office for the use of a separate group of customers. Moreover, the executives board is provided for the use of one or more of the executives of the stock brokerage firm, and may be located in one of the private rooms of the brokers oiiice.

Fig. 13 shows one group of indicators on each of the three indicating boards above mentioned.

In the case of the main board MB and the auxiliary board AB, the registers are arranged in five horizontal rows, with four registers in the top row and three registers in each other row. In the top row, the first register indicates the hundreds 5 digit, and in any other row the registers indicate the tens, units, and fractions digits, respectively. The top row of registers (PC) is arranged to indicate the previous closing price; the second row (OP) indicates todays opening price; the

third row (HI) indicates the high price of the day; the fourth row (LO) indicates the low price of the day; and the bottom and fifth row (LA) indicates the last price.

At the executives board EB, only three indicators are provided for any stock,- these three indicators giving the tens, units, and fractions digits, respectively, of the last price at which the corresponding stock sold.

Each receiver comprises receiving apparatus for receiving the digits transmitted from the central transmitting station, together with groupselecting and connecting apparatus for connecting up the section of the receiver for operation corresponding to the operating transmitter and consequently corresponding to the stock group from which the quotation is coming. Eachreceiver section comprises apparatus for selecting the desired stock group and for operating the indicators therein to set up the price digits of the received quotation.

A three-digit code is assigned to each stock whose quotations are to be transmitted by a given transmitter, and translating arrangements are provided (as disclosed in the Robinson et al. ap'- plication hereinbefore referred to) for translating the stock-letter designation of stock to the assigned group of code digits, which code digits are transmitted along with the quotation to enable the receiver tol select the corresponding group of stock registers on the indicating board.

The transmitter Referring now particularly to Figs. 1` to 5, the arrangement of the transmitter TI will be explained generally. The portion of the transmitter used to Aset up the stock letters and to translate them into the stock-code digits is not shown but may be identical with the apparatus used for this purpose in the application or Robinson et al. hereinbefore referred to and disclosed in Figs. 1 to 3 therein. Accordingly, for a complete disclosure of the transmitter TI, Figs. 1 to 3 of the said Robinson et al. application may be placed to the left of Figs. 4 and 5 of the present drawings.

In the present drawings, Fig. 1 shows a group of price-digit keys, by means of which the price digits of a stock quotation are set up; and a set of stock-range keys, by means of which a range digit is s et up to direct the quotation to the proper row or rows of registers in a selected stock group of indicators and to indicate the number and denomination of price digits contained in a quotation.

Each transmitter has two register sets and a sender. Register set No. 1 comprises the registers of Figs. 5, 4, and 3 (SH, ST, SU, PT, PU', PF, and

SR) while register set No. 2 is indicated by the rectangle at the bottom of Fig. 2, and is a duplicate of register set No. 1.

In the register set No. 1, the registers SH, ST, and SU register the stock-hundreds, stocktens, and stock-units digits of the translated stock code; registers PT, PU, and PF of Figs. 4 and 3 register the tens, units, and fractions price digits, set up successively through the medium of the price-digit keys of Fig. 4; and the stockrange register ST of Fig. 3 registers the stockrange and price-range digits set up on the stockrange keys of Fig. 1.

The sequence relays 202 and 203, Fig. 5, are common to both register sets and are arranged to be operated alternately to associate the register sets alternately with the apparatus used to set up the digits on the registers, including the digit keys of Fig. 1.

'I'he sender consists of the apparatus of Figs. 3 to 5 to the right of the tie cable 204 (which is used to interconnect the two register sets) and is arranged to control the sending relays 3|-39 of register set No. 1 and the corresponding relays of register set No. 2 to send out the registered digits.

The receiver i Referring now to Figs. 7 to 13, the arrangement of the receiver will be explained generally. This receiver receives all quotations transmitted from the central station, as contrasted with the arrangement disclosed in the prior applications hereinbefore referred to, wherein separate receivers are employed for responding to quotations sent out concerning the two main groups into which the stocks are divided. The receiver shown in Figs. 7 to 13, however, has separate sections for handling quotations .concerning the two stock groups, with as much of the receiving apparatus as is considered practicable arranged to be common to the two receiver sections. 'I'he apparatus of Figs. 7 and 8, together withv the relay apparatus at the top of Fig. 10 and the indicating boards of Fig. 13, is common to both receiver sections. The remaining apparatus shown in detail is individual to section I', while the apparatus individual to section 2 is indicated by the rectangle shown at the bottom of Figs. 11 and 12. l

`The apparatus shown; in Fig. 7 includes the four impulse-receiving relays 10i-1M, the motor generator MG and associated equipment controlled by relays 105 vand 100, and the relays 10Q-1I I, used to select section I ofthe receiver, together with relays 108'1II, used to select section 2 of the receiver. i

The apparatus shown in Fig. 8 includes the registers SH, ST, SU, and SR, which record the stock-code digits and stock-rangeand price# range digits for both sections ofthe receiver.

Each of these registers includes relays A 'to'D,

and the registers are associated with the impulse conductors A to D in group 13| under the control fof the transfer relays MII-001.'

The apparatus shown in Fig. 9 includes the registers PT, PU, and PF whichv register the price digits when section I of the receiver is inuse.

Thse registers are rendered elective whenever the connecting relay 90| is energized under the control of relays 10S- 1I I, Fig. '1.'

The apparatus of Fig.- 10 includes the stockselection relays, together with the intermediate distributing frame IDF and the connecting relays IOIII and IIIOI. Of the stock-selection relays,

there are six hundreds relays, oilgwhichv HI, H2,`

and H6 are shown, and there are sixty tens relays for each section of the receiver, vof which, thesection vI are shown,v

relays Ti2., T2I, and T60 of together with tens relays T I2, T '2I, and T l0 vof section 2. The connecting relay 100| is operated over conductor 120 to connect up the conductors extending to the contacts of the tens relays `of section I when the quotation is coming from transmitter TI, and relay I-I'0I is operated over conductor 120 ofthe second :section whenever pulsemachine IM, operated by vrr'iotorlii vi1 'and 1 common to both sections of the receiver.

upper set ofvcontacts ofthe impulse machine I local sender. while `the' lower set of contacts control thesection l-local Y stock groupandassooiatedfstoch lis-s'hown` the quotation being received is'l coming from trans- Fig. 11 shows the sectionl local sender, .come prising relays III8 I |35', together with the irn-v The IM `control the section sender.

Fig. iz'shows the steeklrense relays-liceali: l s, f together with the connecting relay I20I, which is' operated to connect these relays and vpricerangerelay IIIIi` of Fig., 11 tothe contactsjof-"the relays in the stock-,range register SR,-Fig 8, whenever a 'stock quotatlonrelating to a stockhandled by' section I is-being received. lThese stock-range relays are operated to determine'gthei 4 row or rows of in'dlcatorsinv a selected stock to be operated.

Fig. 1a shows merma-indicating beard the auxiliary indicating board-Brand theindiv eating board EB, used`by executives. one

at each board.

It may bepointed'out Vthe''conre'ctions in; coming to the armature 'springs ofthe stock 'relays, the' stockl relay` |3101 for.example, ls made 1 preferably throughr jack contacts. so that stock relay may be inserted into'feither .of` two sets of jack contacts to associate it-'with they multiple of yeither `of the' two receiverr sections.

*to batters".lr

e pese description.

In this way, anyl group of indicators `may be .assigned to any stock in either stock group.

slightly to connect the relays to the multiple contacts of the other section. e

The motor generatorMG obtains power from the incoming commercial power leads, and it supplies current to the receivingV apparatus through the bus-bars 101 and 100.

The electro-polarized receiving relayer, 1oz,

103, and '|04` areof the type `disclosed in the United States Patent No". 1,673,884, mntedvJune 19, 1928, to Harold C. Pye.v 'A relay ot this type is provided` with a locally energized, vpolarizing winding which cannot operate the relay alone. because of the magnetic, structure. but poiarises the relay so that it is operated and released under control of the line current. General engagement of the miem Referring now'particularly to Fig. 6. the general arrangement of thegsystemwill now be ex- `plillrled.' It is t0 be. noted thatftheconductors Ato D outgoing irornthe transmitters TI and T2 are multipled together land extend to relays A .to D (us-m) ofthe repeater. 11,- This repeater is arranged to yrepeat' 'theimpulses from either operatingl transmitter eachof a plurality of lines, of vwhich the lines fI and' are shown. A.The

lockout relaysflil andjl-are controlled from the transmitters TI and `T2,f'i'esi'leo'tively, so that while. ,nel ns'mit'te'risope thefother is imanesl eut and lts'operstion seen er the .te me .rigne'ire'mi therepeater Rfmay 'plurality of.

receivers, the receiving. relays off the, several recelversof arlinebeing .inse'riesffwith e the end'of'eachconnected to lgrouml. bex'mrmi Qtheflast-receiver'onthe 'j It'is' to be noted that each-line is' normally connected to the posiltive line battery throughcontactsofthe repeat j ing relays V'and contacts of the knife switch .004.` By this.`..arrangemen t," va 'normal VVbiasing current flows overethelineeduring the time and between successive iinfebein pulseswhile impulses being transmitted.

'rms ne'rmsr'piesingune euri-ent me -v polarisedreceivlngf normally yactuated in the receiverayand it serves to; reactuate them following restoration responsive. to an `impulseof deliveredfrom the negative line The I. wetliifwit the'fcontrmns pushbutton 00 i-'vfisfprovided forthe purpose of "controlling stopping o f lthemae Thel toigenerator` ,at' the receiver.v in -a mann er tobe detailed.dim?i'iritiimy 0f .the operation of the para fparatusfshownwill' novvsheA given.v this purb'egivenof the at the .transmitter asetsfup lthe.quotation 'iv BBA is'ajpreg by meansifof: which the stock is identiile'd'to the operator,thei dig its 0,'4, and l on the quotation `indicate no fourand'one- 76 

